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International General Insurance Holdings Ltd. (symbol: IGIC) is a leading commercial insurer and reinsurer with a global footprint and a specialized focus on a wide array of specialty lines. Established in March 2002, the company has grown to become a significant player in the insurance sector, operating out of the Dubai International Financial Centre (DIFC) with additional offices in Bermuda, the United Kingdom, Jordan, and Malaysia.
IGIC underwrites a diverse portfolio that includes Energy, Property, Marine, Construction and Engineering, Financial Institutions, General Aviation, Casualty, Ports & Terminals, Political Violence, and non-proportional reinsurance treaty business, with a significant presence in Afro-Asian markets. This extensive portfolio allows the company to cater to a wide range of industries and client needs.
The principal underwriting entity for IGIC is IGI Bermuda, a Class 3B insurer regulated by the Bermuda Monetary Authority (BMA). The Bermuda office is complemented by IGI Underwriting Company Limited in Amman, Jordan, which provides essential management, underwriting, and operational functions. Reflecting its strong financial standing, IGI Bermuda boasts an A- (Excellent) rating with a stable outlook from A.M. Best Company.
IGIC's journey over the years has been marked by strategic growth and resilience, underscored by its commitment to providing top-tier insurance solutions. The company's primary business segments include Specialty Longtail, Specialty Short Tail, and Reinsurance, each addressing specific market needs with tailored products.
Recent news highlights IGIC's ongoing efforts to innovate and expand, including new partnerships and strategic initiatives aimed at enhancing their service offerings and market reach. Investors and stakeholders can rely on IGIC's robust performance and strategic vision to navigate the complexities of the insurance landscape.
International General Insurance Holdings Ltd. (NASDAQ: IGIC) announced it will file restated consolidated financial statements for the year ending December 31, 2020, due to SEC guidance on SPAC warrant accounting. The restatement results in a $4.4 million decrease in net income and a $13.6 million increase in total liabilities as of December 31, 2020. No impact on liquidity or cash flows is expected. IGI's Chairman reassured that this revision does not affect the company’s financial strength or previously communicated income figures.
On October 9, 2023, International General Insurance Holdings Ltd. (NASDAQ: IGIC) appointed Manpreet Kaur Gill as the Asia Pacific Financial and Professional Lines Underwriter, based in Kuala Lumpur. With 24 years of experience, including leadership roles at QBE Malaysia and AIG Malaysia, her appointment aims to enhance IGI's presence in the Financial and Professional Lines market in the Asia Pacific region. CEO Nick Garrity highlighted the increasing demand for their services, signifying growth opportunities for IGI.
International General Insurance Holdings Ltd. (IGIC) announced that its European subsidiary, IGI Europe, has received financial strength ratings from S&P Global Ratings and AM Best. S&P assigned an 'A-' rating, while AM Best assigned an 'A' rating, both with stable outlooks. These ratings enhance IGI Europe's position in the European market, where it began operations in July 2021. CEO Keith Mallia-Milanes emphasized the strategic importance of these ratings and expressed optimism about the company's growth potential in Europe.
International General Insurance Holdings Ltd. (NASDAQ: IGIC) reported its Q2 and H1 2021 financial results, highlighting a 21% growth in gross written premiums to $166.1 million from $137.3 million in Q2 2020. However, net profit decreased to $5.6 million from $12.0 million year-on-year. The combined ratio rose to 92.3% from 84.0%, reflecting increased loss ratios. Core operating income was $9.0 million, down from $10.3 million in Q2 2020. Despite these challenges, the company grew its book value per share by 1.9% year-to-date and announced a dividend of $0.16 per share.
International General Insurance Holdings Ltd. (NASDAQ: IGIC) has declared a cash dividend of $0.16 per share for the period from January 1 to June 30, 2021. This dividend is payable on September 7, 2021 to shareholders recorded by August 23, 2021, and IGIC will trade ex-dividend starting August 20, 2021. IGI provides a diverse range of specialty insurance and reinsurance services globally and maintains strong ratings from AM Best and S&P Global Ratings.
International General Insurance Holdings Ltd. (NASDAQ: IGIC) announced it will release its financial results for the second quarter and half year ending June 30, 2021, on August 12, 2021, after market close. An investor teleconference will follow on August 13, 2021, at 9:00 a.m. Eastern time for discussion of the results. Participants can join via phone or listen to a live webcast available on the company’s website, which will also host an archived version.
IGI is an international specialty insurer and reinsurer with a diverse portfolio and strong ratings from AM Best and S&P Global Ratings.
International General Insurance Holdings Ltd. (NASDAQ: IGIC) has established a new European subsidiary, IGI Europe, in Malta after receiving licensing from the Malta Financial Services Authority. This strategic move aims to enhance access to European markets post-Brexit. Keith Mallia-Milanes has been appointed CEO of IGI Europe, bringing over 35 years of industry experience. IGI Europe is authorized to underwrite a full range of IGI products and will utilize passport rights across the EU and EEA, positioning IGI for growth in the European insurance sector.
International General Insurance Holdings Ltd. (NASDAQ: IGIC) reported solid Q1 2021 results, achieving gross written premiums of $100.6 million, up from $99.2 million in Q1 2020. Net premiums earned increased 20% to $82.3 million, while net profit reached $14.5 million, compared to a loss of $0.9 million a year earlier. The company’s combined ratio was 84.6%, slightly up from 81.3%. Core operating income rose to $14.7 million. The company is also expanding into the contingency market and establishing a European platform in Malta.
International General Insurance Holdings Ltd. (NASDAQ: IGIC) has appointed Emily Clapham as Senior Underwriter for its newly launched Contingency insurance line. Clapham joins from Fidelis and has significant experience in contingency underwriting, having previously worked at Beazley. She will report to Richard Foster and operate from the London office, developing tailored insurance solutions for clients in the event and entertainment sectors. This move aligns with IGI's strategy to capitalize on improving market conditions following COVID-19 disruptions.
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